High yield savings accounts

[gdale6]

Going to burn my Marcus account, I dont like being informed after the fact on interest reductions and if I cant get 5% on my money it might as well be under the mattress or in physical metals.

[Namaste7]

PF is down to 1.80, Fidelity's 1 year CD offerings are at 1.75% and FZFXX's 7-day yield is 1.78.

CD ladders will probably be the more attractive option for short-term reserves. I'll reassess whether I'll continue with CU or Discover Bank.

[Green456]

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@Namaste7 wrote:
PF is down to 1.80, Fidelity's 1 year CD offerings are at 1.75% and FZFXX's 7-day yield is 1.78.

CD ladders will probably be the more attractive option for short-term reserves. I'll reassess whether I'll continue with CU or Discover Bank.

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Ally Bank offers 2.20% no penalty CD on 25k and up. Pretty much similar to high yield savings if you have that much in short terms reserves.

[SEAlifer]

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@Anonymous wrote:

Hello All - couple of questions.

right now i have my rainy day fund (north of 50K) sitting in a Chase checking account not drawing any interest.

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Sorry, couldn't help but think of this 

[SEAlifer]

I use Wealthfront right now and like it. 2.32% APY which has come down a bit in the last month due to the Fed lowering their interest rate. I use it as a nexus for my other accounts too as I can transfer money to them and then transfer it out to another account without having to actually go to the bank. They're my recommendation.

[Green456]

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@SEAlifer wrote:

I use Wealthfront right now and like it. 2.32% APY which has come down a bit in the last month due to the Fed lowering their interest rate. I use it as a nexus for my other accounts too as I can transfer money to them and then transfer it out to another account without having to actually go to the bank. They're my recommendation.

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My issue with Wealthfront is that you don't get actual account numbers to the banks used for FDIC deposit insurance. So what happens when Wealthfront goes bankrupt and there is nobody working there to give you your account information? Yeah your funds maybe FDIC insured but what's the point when you don't have your account information? It's like having a car insurance but not knowing who you are insured with...

So I ended up closing my account with them and opening Ally no penalty CD at 2.20% rate. The 0.13% is costing me $32.50 per year per $25,000 but at least I have the peace of mind.

[800who]

You'll see a lot of ads for 2.x% APY, however 99% of these offers come with pesky req's whether it be a time req, direct deposit req, or it's some online only bank with terrible reviews... I recently opened a Discover HYS and it has a sign up bonus and it's 2% currently, the SUB only req is amount deposited... I highly reccomend it! Hassle free